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Quotes about economics

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A national debt, if it is not excessive, will be to us a national blessing.
Alexander Hamilton1757–1804Letter to Robert Morris (30 April 1781)
Underlying most arguments against the free market is a lack of belief in freedom itself.
Milton Friedman1912–2006Capitalism and Freedom (1962), Ch. 1 The Relation Between Economic Freedom and Political Freedom, 2002 edition, page 15
- Business
- Freedom
It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own self-interest. We address ourselves, not to their humanity but to their self-love, and never talk to them of our own neccessities but of their advantages.
Adam Smith1723–1790The Wealth of Nations (1776), Book I, Chapter II, p. 19.In context
Too much capitalism does not mean too many capitalists, but too few capitalists.
G. K. Chesterton1874–1936The Uses of Diversity
The statesman who should attempt to direct people in what manner they ought to employ their capitals, would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it.
Adam Smith1723–1790The Wealth of Nations (1776), Book IV, Chapter IIIn context
- Government
Christmas is a time when kids tell Santa what they want and adults pay for it. Deficits are when adults tell the government what they want and their kids pay for it.
Richard Lamm1935–2021
- Christmas
If all the economists were laid end to end, they’d never reach a conclusion.
George Bernard Shaw1856–1950
Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to, only so far as it may be necessary for promoting that of the consumer.
Adam Smith1723–1790The Wealth of Nations (1776), Book IV, Chapter VIII, p. 719.In context
An economist is an expert who will know tomorrow why the things he predicted yesterday didn’t happen today.
Laurence J. Peter1919–1990
I cannot undertake to lay my finger on that article of the Constitution which granted a right to Congress of expending, on the objects of benevolence, the money of their constituents.
James Madison1751–1836“On Parties” (23 January 1792), Papers of James Madison Vol. XIV, pp. 197-8
There can be no liberty unless there is economic liberty.
Margaret Thatcher1925–2013
The uniform, constant and uninterrupted effort of every man to better his condition, the principle from which public and national, as well as private opulence is originally derived, is frequently powerful enough to maintain the natural progress of things toward improvement, in spite both of the extravagance of government, and of the greatest errors of administration. Like the unknown principle of animal life, it frequently restores health and vigour to the constitution, in spite, not only of the disease, but of the absurd prescriptions of the doctor.
Adam Smith1723–1790The Wealth of NationsIn context
Trust the people. This is the one irrefutable lesson of the entire postwar period contradicting the notion that rigid government controls are essential to economic development.
Ronald Reagan1911–2004
There are no such things as limits to growth, because there are no limits on the human capacity for intelligence, imagination and wonder.
Ronald Reagan1911–2004
Government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.
Ronald Reagan1911–2004Remarks to the White House Conference on Small Business (15 August 1986)